B I T C O I N
So, I believe it's a bit premature to get excited over these most recent bull rallies.
Why? It's due to multiple reasons, which I'll share with you all.
-Price is reaching the A.T.H.
-MH will be hit for 1st time
-Price haven't retraced after breaking multiple key levels
-Monthly divergence 🐻
-Weekly high's 2nd hit
Seeing that price swept the weekly M.R.L. while also running into the EQ, I can see how most will look at this as a sweep for bull continuation, which it is! However, I am viewing it as a set-up for what's truly about to take place (IMO), which is a sweep of equal highs in order to begin the retracement phase to the downside.
The range I'll keep an eye on to see when price action start to flip bull/bear is 76K - 80K, and I wouldn't be surprised if the process starts sometime this upcoming week from the H1/H4 perspective.
A.O.I. $31,900 - $45,600
S.S. $35,200
I can very well be wrong on my analysis, and if I am, I'll look for the new weekly low ($55,600 - $55,900) to hold for further bull continuation. We all shall see..
Why? It's due to multiple reasons, which I'll share with you all.
-Price is reaching the A.T.H.
-MH will be hit for 1st time
-Price haven't retraced after breaking multiple key levels
-Monthly divergence 🐻
-Weekly high's 2nd hit
Seeing that price swept the weekly M.R.L. while also running into the EQ, I can see how most will look at this as a sweep for bull continuation, which it is! However, I am viewing it as a set-up for what's truly about to take place (IMO), which is a sweep of equal highs in order to begin the retracement phase to the downside.
The range I'll keep an eye on to see when price action start to flip bull/bear is 76K - 80K, and I wouldn't be surprised if the process starts sometime this upcoming week from the H1/H4 perspective.
A.O.I. $31,900 - $45,600
S.S. $35,200
I can very well be wrong on my analysis, and if I am, I'll look for the new weekly low ($55,600 - $55,900) to hold for further bull continuation. We all shall see..
Note
After breaking key lows, I see $61,500 as the next area for it to reach. 👀 We all shall see...
Note
$61,500 was reached yesterday. I'll look for further continuation.After this week's candle close, I'll look for a bull retracement to hit near the $63,500 price point before there's bear continuation to the downside.
Note
$47,600 can potentially be price's next stop. I'll reserve my other opinions until further notice..
Note
As I stated on the 3rd of August, it looks as if price action is zeroing in (or near) on $63,500. If so, I would like to see breaks of key lows to continue to the downside afterward.Note
Price can still potentially sweep the ATHs followed by bear momentum since it hasn't revisted key areas it broke away from previously.
Note
There was a sweep in price that started on the 24th of August and ended on the 26th. The bears are currently in control.
P.A. will be on the sell side once it goes below the $55,333 price point.
Note
Bitcoin closed below the $55,333 price point. 🐻👀 Note
I'm still anticipating the bears to enter even though price is steadily heading up. Considering that the key high has been hit multiple times, which can weaken it, but I'm looking to see if the bears will start to take charge between the $68,300 - 70K range. If not, I'll look for a break of the A.T.H., retracement and look for a good entry for a buy.
We all shall see...
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